Big-four auditing firm, PwC in a press release today, announced it would be adding a cryptocurrency auditing tool for entities in the crypto sphere.
According to the release, the addition of the new software tool will supposedly set PwC in the right position to issue audit and provide certain services to the customers who transact or own cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin Diamond (BTCD), and ERC20 – OAX token.
The new cryptocurrency auditing software is coming as an addition to the already existing “Halo” suite of auditing tools, that will be used to provide “assurance services for entities engaging in cryptocurrency transactions,” the release reads.
The also claims that its Halo solution will provide independent, and substantive evidence of the “private key and public address pairing,” which is one of the pieces needed to establish ownership of cryptocurrency.
To record data, the release notes that the new software will securely interrogate the blockchain technology to reliably and independently gather corroborating information about transactions and balances from the blockchain.
Meanwhile, PwC pointed out that it was already supporting audits of clients involved in cryptocurrency activities with the Halo solution, including companies for whom the firm is not the auditor.
The effort is to enable such firms to resolve opportunities and challenges in cryptocurrencies, as well as their underlying technology, blockchain.
With the new tool, the companies can also be able to implement the processes and controls required to obtain assurance reports from their respective auditors.
Conclusively, PwC earmarked that at this stage, a client’s control environment and the breadth of tokens supported by our Halo software will be essential when determining whether the firm would accept an audit engagement.
In another report regarding crypto audits, Coinfomania reported earlier this month that cybersecurity expert John McAfee launched a new trading platform dubbed “McAfee Magic,” after an extensive testing and auditing processes.